related:Mish Shedlock / Minyanville:ISM Shows Recession Not Over Yet -- The horn tooters have to wait at least another month before the recession is over, judging from the non-manufacturing ISM numbers...

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Minyan Peter / Minyanville:This is Not a Recession! -- Contrary to most, I don’t believe in a V-shaped recovery. Beyond the headwinds of substantially greater private-sector deleveraging, continued high unemployment, and further deterioration in credit quality ahead, I think there's an equal, if not more severe and profound task ahead in this country -- and that's the enormous “resizing” of the American economy.

By resizing, I'm referring to the need to bring US economic capacity down to a much lower level of long-term domestic demand. Choose just about any industry in America and you will see too much capacity. Our debt excesses enabled it and now our debt destruction will require the elimination of it...